Blockchain cloud computing platform Oasis Labs announced July 9 that it has raised $45 mln from major investors as part of its plan to help companies adopt blockchain.

In a press release, Oasis, which has University of California professor Dawn Song as its CEO and co-founder, described its plans to build a “decentralized internet” by resolving businesses’ “concerns” about implementing the technology.

“Blockchains are poised to revolutionize much of the way we live, but many developers and organizations have understandable concerns about performance and privacy limitations that are currently hindering their ability to embrace the technology,” Song said.

Oasis’ investors, which include Andreessen Horowitz’s crypto venture fund a16zCrypto, cryptocurrency exchange Binance, Pantera Capital and Accel, nonetheless consider the status quo may not last as long as is feared.

“Today’s internet is experiencing significant growing pains when it comes to providing effective security and privacy protections, which is only compounded by the rise of data-intensive services like AI,” Accel partner Jake Flomenberg stated, adding:

“At the same time, however, the opportunity has never been greater to responsibly leverage data in the web’s next phase of products and innovation.”

Monday saw applications for Oasis’ private testnet go live, in a bid to deliver a production version with the input of developers.

Blockchain adoption has faced new criticism in recent months, specifically in the banking sector, with various sources skeptical as to whether its benefits are truly compatible.

Ripple, the company behind a multibillion-dollar blockchain platform focused on cross-border payments, admitted last month banks are “unlikely” to adopt the technology due to privacy and other concerns.